{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\5 Decomposition\Decomposition0_3.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 12:02:57
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Decomposition".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2009/2011 {c -(};
{txt}  2{com}.         Decomposition 0 `y';
{txt}  3{com}. {c )-};
2009
0     1     3.464e-14     3.464e-14     7.105e-15
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
1     1582     4.109e-10     9.972e-10     2.099e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:37.00}   {space 2}{result:0.01}   {space 15}{result:0.02}   {space 8}{result:-0.07}   {space 9}{result:0.07}
  Long-term debt{space 1} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.12}   {space 9}{result:0.03}
  Equity{space 9} {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.04}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2     1608     4.193e-10     9.943e-10     1.956e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.02}   {space 8}{result:-0.07}   {space 9}{result:0.07}
  Long-term debt{space 1} {c |}  {space 22}{result:37.00}   {space 2}{result:0.01}   {space 15}{result:0.02}   {space 8}{result:-0.11}   {space 9}{result:0.05}
  Equity{space 9} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.01}   {space 9}{result:0.04}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
3     1442     4.189e-10     9.979e-10     2.011e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.02}   {space 8}{result:-0.07}   {space 9}{result:0.07}
  Long-term debt{space 1} {c |}  {space 22}{result:37.00}   {space 2}{result:0.01}   {space 15}{result:0.02}   {space 8}{result:-0.10}   {space 9}{result:0.05}
  Equity{space 9} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.03}   {space 9}{result:0.04}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
4     1921     4.091e-10     9.986e-10     2.694e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:37.00}   {space 1}{result:-0.01}   {space 15}{result:0.03}   {space 8}{result:-0.22}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.01}   {space 15}{result:0.03}   {space 8}{result:-0.17}   {space 9}{result:0.01}
  Equity{space 9} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.04}   {space 9}{result:0.07}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
5     1899     4.031e-10     9.981e-10     2.688e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.28}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.02}   {space 8}{result:-0.17}   {space 9}{result:0.02}
  Equity{space 9} {c |}  {space 22}{result:37.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.05}   {space 9}{result:0.07}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
6     1264     6.444e-10     9.554e-10     1.285e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.30}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.02}   {space 8}{result:-0.18}   {space 9}{result:0.02}
  Equity{space 9} {c |}  {space 22}{result:37.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.01}   {space 9}{result:0.07}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
7     1619     4.101e-10     9.932e-10     2.615e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.03}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.07}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.05}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
8     1487     4.121e-10     9.966e-10     2.644e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 9}{result:0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 9}{result:0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2010
0     1     2.522e-13     2.336e-13     6.217e-15
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
1     1939     4.101e-10     9.927e-10     2.747e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.02}   {space 9}{result:0.10}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.06}   {space 9}{result:0.03}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.03}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2     1825     4.120e-10     9.927e-10     2.898e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.07}   {space 9}{result:0.09}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.01}   {space 15}{result:0.01}   {space 8}{result:-0.06}   {space 9}{result:0.03}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.04}   {space 9}{result:0.01}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
3     1805     4.200e-10     9.972e-10     2.889e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.07}   {space 9}{result:0.09}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.06}   {space 9}{result:0.03}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.04}   {space 9}{result:0.01}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
4     1799     4.129e-10     9.932e-10     2.956e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.07}   {space 9}{result:0.08}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.06}   {space 9}{result:0.03}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.05}   {space 9}{result:0.01}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
5     1960     4.132e-10     9.981e-10     3.022e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.13}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.07}   {space 9}{result:0.05}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.05}   {space 9}{result:0.02}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
6     1585     4.048e-10     9.937e-10     3.003e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.14}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.07}   {space 9}{result:0.06}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.05}   {space 9}{result:0.02}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
7     1479     4.430e-10     9.955e-10     3.301e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
8     1627     4.396e-10     9.967e-10     3.270e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 8}{result:-0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 8}{result:-0.00}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 8}{result:-0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2011
0     1     8.882e-14     8.438e-14     3.553e-15
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
1     2443     6.644e-10     9.964e-10     8.132e-09
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.02}   {space 8}{result:-0.05}   {space 9}{result:0.17}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.09}   {space 9}{result:0.04}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.03}   {space 9}{result:0.01}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2     2006     3.945e-10     9.950e-10     3.214e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.02}   {space 8}{result:-0.07}   {space 9}{result:0.19}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.03}   {space 9}{result:0.03}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.02}   {space 9}{result:0.07}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
3     2085     4.093e-10     9.975e-10     3.323e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.02}   {space 8}{result:-0.08}   {space 9}{result:0.19}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.02}   {space 9}{result:0.04}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.02}   {space 9}{result:0.07}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
4     2211     4.112e-10     9.974e-10     3.539e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.08}   {space 9}{result:0.18}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.02}   {space 9}{result:0.05}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.04}   {space 9}{result:0.07}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
5     1835     4.287e-10     9.961e-10     3.621e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.01}   {space 9}{result:0.16}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.02}   {space 9}{result:0.09}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.05}   {space 9}{result:0.11}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
6     2105     4.125e-10     9.950e-10     3.601e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.17}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.02}   {space 9}{result:0.10}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.05}   {space 9}{result:0.12}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
7     2056     4.280e-10     9.948e-10     3.730e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.01}   {space 9}{result:0.04}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.10}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.03}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
8     1843     4.300e-10     9.949e-10     3.735e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 8}{result:-0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 8}{result:-0.00}
  Equity{space 9} {c |}  {space 22}{result:38.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}

{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\5 Decomposition\Decomposition0_3.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 13:20:17
{txt}{.-}
{smcl}
{txt}{sf}{ul off}